Advances of banks in Gujarat grow 23%, deposits 14% in first quarter of FY14

Aggregate deposits of the bank in Gujarat increased to Rs 377,106 cr as of quarter ending June 30, 2013

Deposits in banks of Gujarat grew by 14.45 per cent during first quarter of 2013-14 in comparison to same period last year. While, advances showed a growth of 23.65 per cent in quarter ending June 30 this year as against the corresponding period in 2012-13.

The aggregate deposits of the bank in Gujarat increased to Rs 377,106 crore as of quarter ending June 30, 2013 from Rs 329,480 crore during corresponding period last fiscal, showing year-on-year growth of 14.45 per cent, revealed the report of the 138th meeting of State Level Bankers' Committee (SLBC). In case of advances the growth has been to Rs 285,810 crore in first quarter of this fiscal from Rs 231,147 crore in same period last year, an increase of 23.65 per cent. There has been significant increase in advances in first quarter of this year compared to same quarter last fiscal, the report stated.

Advances in the priority sector grew by 21.84 per cent, agriculture by 12.57 per cent, MSME by 31.17 per cent and to weaker sections by 15.01 per cent during quarter ending June 30, compared to corresponding period in 2012-13.

The report further stated that though there was absolute growth over March 2013 in case of advances to agriculture and weaker sections, the stipulated benchmark for the respective sections could not be reached and remained 16.31 per cent and 6.35 per cent respectively. Whereas, with regard to priority sector the growth was negative over quarter ending March 2013.